New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1887-05-16
THREE IMPORTANT BILLS.
40 RE ACTED ON THIS WEEK AT ALBANY
TIE vEDpER LIQUOR TAX MrAsuRE-THE CABLE
HALLWAY BILL-THE BILL RELIEVING
IxauRANCE d0MpANIE6

TIE vEDpER LIQUOR TAX MsAsuRr-THE CABLE
HALLWAY BILL-THE BILL RELIEVING
INSURANCE CoMPANIEs.
far TELEGRAPH TO THE TRIDUHEl
ALBANY, May 10. Three measures Of great interest
to the taxpayets Of the State will be voted upon IN
the Legislature this week, and perhaps Tor nnai
time. These arc the vedder Liquor Tax Dill, wncn
win bring probably So, 900 into the State
treasury the New-York Gable Railway bil, Tnch
taAes that company on It's receipts aha .ne p'i 10
leasing tho life insurance companies from the pay
ment of 81 900 OOC back taxes due from them under
the taxation law OF 1880. The Vedder bill has
passed the Senale and will be debated on Tuesday IN
tho Assembly. The Cable Railroad bill has also
pussed the Senate aud will be debated in the Assem-
Div The Insurance bill, on the other hand, has
passed the Assembly and is to be debated III tne
Benate The nsurance men are annousiy watching
the fate of their bill One Of the life insurance COM
panes it is said will be plunged into serious
difficulties If compelled TO pay the taxes that nave
accumulated against 1t since 1880. superintendent
Maxwell of the Insurance Department tavors the
relief measure. day or two ago ne sala .no
l~It seems to me unjust to tax the business OF tne
lin insurance companies large proportion OF is
ON policies obtained outside OF this State II tne
surplus capital of the companies was taxed II wouid
be o different matter, but this tax on poncles' on
forced will greatly raise the price OF life insurance
2 Controller Chaplin favors compromising WIN 1hs
Insurance companies at so cents on the dollar ana
has had presented to the lie gslature bill authorizing
him to make this compromise The ControIer I'D ms
act, however, does not repeal the taxaton la" 0.
1880 as done by the bill which has already passed
xhe Assembly In report 10 tne Legislature on 'Ho
subject he saysi
The State may we'll hesitate before insisting upon
full payment Such course might impose SO serious
a burden on these corporations as to derange theI
proper and tene6cent operation u1der tnelr @
Believing that result would be less desirable IMAM
failure 10 COLLECT some part OF the amount due sug
gest to your honorable body compromise, Whion
embodied in the proposed law suomltted Will 'ii'
report" . ,.uo,oo 1.r of
1850 and cancelling the debt OF the c9Pa nnC rs.
brief one but It may be said TO weigh 900 OOC TONS
There Is prospect of one OF the greatest struggles
OF this session OF the Legislature over the Cable Ra
road bill. The measure virtually revlves the new
YORK Cable Railway Company, and says tha1 ny
taking lew steps 1t may take possession "
seventy-six miles OF the streets OF "itu
a view of ouietng the fears OF property-owners IL
certain streets the companys representatives nere
state that it will put its rails on only three OF inc
routes that it has marked OUT Iney say suas a"
company Tor the present will only construct h h
elevated railroad in West-st, 10 be operated oS
cable, surface railway through ElmsII, r Mg
place and Lexington-ave to the upper emu y, to
haitian Island; cross-town surface railroad nom
Christopher Street Ferry, through Fourthst. 10 tne
GndonbtedIy the most formidable opponents the
Gable Railway Company will have In the Assembly
will be the street railway COMPANIES OF NeW-19r
They are opposed TO having any tomDetltofs. lDey
have an especial reason Tor defeating the Caole ha
way Company because OF its opposition u ther pass"
a
the cable system ioi horsepower only they 40 hTt
intend to the cable system OF which the new iork
Cable Company lie the possessor. Inc cape pll OF
the stree traway companies although 1t has passed
the Assembly, is not In shape satisfactory 70 them
The object to the Mayor and the Beard OF Aldermen
being given the power to vote on proposal 10 cnange
the system or to paving any additional compensation
to the city for the privilege OF maklh9 me chanee'
The dill OF the New-York Cable Railway Company as
A nassed the Senate last Wednesday IS an Interesting
document 1t seems to have been prepared with the
view OF clearing the pathway OF the company OF all
obstacles Doubtless the property In Lexlng-
tonave and other streets would like to look at the
bill conterripg such extraordinary powers on the
company 1t is therefore given in tulI below
section one OF Chapter 1876 of the Laws Of 1870 entitled
can act for relief Of corporations orsanized under gen.
hereby cd 50 seaa
OF any corporation association organized under any gen
whose original Of noofpOTsuon any 9fo%alty
may be sAlss e Gs reason s,y&
X n m 10 the general sctUnder which sad corporation
been s o OF may S sssr me
shall for all Dc Se
s sns sSsh orisna ceTfcae provisions this act
a Be a5pdr ias aa 70 an Of any public
IS Se Of awe PSsssaVs
determined in pa ass S incOrpoaIed
sssrsS any matter required and
such or governing officers W take eo s1Sa
further pSSssdSss in
@sf hss s @
OF the faith Of the action Of said board and nd
blurred By law or directors trustees or governing
sfoers NAV themselves herensboye provided, WIN
The approval duly authenticated, OF SAID board OF |
~ the General Term OF the Supreme Court In the |
district in association carry ON lts business
fake such action proceedings heretofore hsd OF
the same force ana enect neu
IN the % of the Secretary Of state as there had been no
suoh deficiency defect or error OF anu o
ssd or shall for all purposes be taken
70 hs object Of it's formation from the
certificate But nothing IN tns ACT
ANAL authorlze railway company IN the cry OF
10 and operate It's railway on te rouSs
Hrod by commissioners appointed Dy tno
Mavor of the City pursuant 10 chapter sA nun
Of eighteen hundred ana seNenynN
uness said company good and
the MAYOR Aldermen Commonalty OF the CITY OF new
Work fa NJ will pay yearly said city per cent lor ue
rsr five after cent OF the gross oanno
Of traffic payments sucn 10 pe
OF the SINKING uhl Vi sdu
tv VINO saI be required exact and receive the De
se lie shall be commenced Ing
sad General supreme Court may pass upon wy
eufoency Of In case the SAID company anu
commissioners Tall 70 agree Inc plooeeu
comD.sslonersn framing su anenu
fnr os file In the once o. he Secfey
OF State all respects regular sno 'anu . ~ona
amended articles snail operate W
tsas time original articles or the
The part thereof OF revive 1,s @ sSsS in
struct part thereon s1ter ne Time Ae
the Original articles shall have e1Rre nor sn @
crs hi to construct s or any s III Of
the required by Section ~ OF A9e ~
the Constitution OF the state OF Newfotk SHALL D